Maya Bank is a digital bank in the Philippines that offers a range of financial services, including savings, loans, credit cards, and more. Here are some key features and benefits of Maya Bank:
- Digital Banking: Maya Bank provides a seamless digital banking experience through its app, allowing users to manage their accounts, make transactions, and access various financial services.
- Savings Accounts: Maya Bank offers high-interest savings accounts with competitive interest rates, including up to 14% interest p.a. on savings accounts and 4% interest p.a. on personal goals.
- Loans: Maya Bank provides instant loans, personal loans, and MSME loans with flexible repayment terms and competitive interest rates.
- Credit Cards: Maya Bank offers credit cards with cashback rewards, such as the Maya Black Credit Card and Landers Cashback Everywhere Credit Card.
- Security: Maya Bank is regulated by the Bangko Sentral ng Pilipinas (BSP) and insured by the Philippine Deposit Insurance Corporation (PDIC) up to ₱500,000 per depositor.
- Convenience: Maya Bank’s digital platform allows users to perform various transactions, including bill payments, fund transfers, and online shopping.
- No Maintaining Balance: Maya Bank does not require a maintaining balance for its deposit accounts, making it accessible to a wider range of users.
Maya Bank is part of the Maya ecosystem, which includes the Maya app, Maya Business, and Maya Center. The bank aims to provide innovative and relevant financial services to Filipino consumers and businesses, promoting financial inclusion and empowerment.
Is Maya Bank a real bank?
Maya Bank is a legitimate digital bank in the Philippines, regulated by the Bangko Sentral ng Pilipinas (BSP) and insured by the Philippine Deposit Insurance Corporation (PDIC) up to ₱1 million per depositor. As a digital banking arm of Voyager Innovations, Maya Bank offers various financial services, including.
- Savings Accounts: High-interest savings accounts with competitive interest rates, including up to 14% interest p.a. and no maintaining balance requirements
- Loans: Personal loans, MSME loans, and credit products like Maya Easy Credit, with flexible repayment terms and competitive interest rates
- Credit Cards: Various credit card options, such as Maya Black and Landers Cashback Everywhere, with rewards and benefits
- Digital Banking: A user-friendly mobile app for managing accounts, making transactions, and accessing financial services
Maya Bank is one of the six digital banks in the Philippines licensed by the BSP, ensuring the security and stability of its operations. With its innovative approach and customer-centric features, Maya Bank has become a trusted name in the Philippine banking landscape.
Are Paymaya and Maya Bank are the same?
PayMaya and Maya Bank are not exactly the same, but they’re closely related. Here’s how they fit into the Maya ecosystem ¹:
- PayMaya: This is the digital payments arm of the company, offering services like online payments, bill payments, and fund transfers. It’s now rebranded as Maya, with a focus on providing an all-in-one money platform.
- Maya Bank: This is the digital banking arm, providing financial services like savings accounts, loans, and credit cards. Maya Bank is a separate entity, regulated by the Bangko Sentral ng Pilipinas (BSP) and insured by the Philippine Deposit Insurance Corporation (PDIC).
The Maya app combines both payment and digital banking services, allowing users to manage their finances seamlessly. Think of Maya as the umbrella brand, with PayMaya and Maya Bank working together to provide a comprehensive financial platform. This integration enables users to access various services, including ² ³:
- Digital banking: Manage savings accounts, apply for loans, and access credit products
- Payments: Make online payments, send money to friends, and pay bills.
- Savings: Earn interest on savings accounts and set financial goals
- Credit services: Apply for credit cards and loans with flexible repayment terms
By leveraging both PayMaya’s payment expertise and Maya Bank’s digital banking capabilities, Maya offers a robust financial ecosystem for users.
Can Maya Bank receive international transfers?
Maya Bank can receive international transfers, but not directly. To receive money from abroad, you’ll need to use a third-party money transfer service like:
- Remitly: A popular option with competitive exchange rates and low fees, supporting transfers from countries like the US, Australia, and Canada
- WorldRemit: Another reliable service that allows transfers from various countries, including the US, UK, and South Africa
- Wise: A great option for those looking for excellent exchange rates and low fees
- Skrill: A secure and convenient way to send money internationally
- Western Union and MoneyGram: Traditional transfer operators that support Maya payouts in the Philippines
When sending money to Maya Bank, make sure to follow these steps.
- Choose the Philippines as the destination country
- Select Maya as the mobile wallet destination
- Fill in the beneficiary’s info, ensuring it matches their Maya-registered name
- Enter a payment PIN or verification code to complete the transaction
Some services have limits on how much you can send. For example, Remitly allows up to $2,999 within 24 hours, $10,000 within 30 days, and $18,000 within 180 days. WorldRemit has a limit of ₱50,000 per transfer.
